Monday, January 18, 2010

Business Energy Tax Credit's massive budget impact

Rep. Matt Wingard points out today on OregonCatalyst that the Oregon Department of Energy approved applications for the Business Energy Tax Credit to the tune of $338 million in 2009. Meanwhile, the Democrats in the legislature forced through $733 million it tax hikes.

What's wrong with this picture? The BETC program is nothing more than a huge corporate subsidy. The tax credits pay for up to HALF the capital cost of building out a solar or wind power project. That means these projects are not even close to making economic sense on their own terms.

In other words, our tax dollars buy really really expensive energy. Terrific.

So the Democrats somehow managed to give hundreds of millions in corporate welfare, raise taxes by almost $3/4 billion, and CUT K-12 education.

Think we need a change?

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